The type of energy stored in an object due to its position is called potential energy. This energy can be associated with gravitational, elastic, or electromagnetic forces, depending on the object's placement relative to other objects or the environment. For example, an object held at a height possesses gravitational potential energy, which is converted to kinetic energy when it falls. The concept of potential energy is crucial in physics and engineering, as it helps to understand how energy is stored and transformed in various systems.